S&P cuts rating on EU to 'AA' after Brexit

(Reuters) - Standard & Poor's Global Ratings said on Thursday it had cut its long-term credit rating on the European Union to 'AA' from 'AA+' but raised its outlook to "stable" from "negative" after the United Kingdom voted to leave the bloc.

S&P is the first major ratings agency to cut rating on the EU. Moody's maintained its 'AAA' rating last week.

"After the decision by the UK electorate to leave the EU...we have reassessed our opinion of cohesion within the EU, which we now consider to be a neutral rather than positive rating factor," S&P said. (http://bit.ly/295BXgp)